No products in the cart.
- Latest
- Trending
ADVERTISEMENT
Traders who predicted the end of last year’s cryptocurrency bull market see Ethereum (ETH)-based altcoins set to record significant gains in the coming months.
Pentosi, a closely followed analyst, has told his 615,400 Twitter followers that the decentralized oracle network Chainlink (LINK) has shown relative strength against the broader crypto market. I’m here.
According to Pentoshi, Chainlink is currently trading at levels that acted as a staging ground in December 2020, rising to a record high of $52.20 the following year.
Above average charts with high timeframe support in USD [US Dollar] The pair will date back to 2020. [staking in December]
As of this writing, LINK is trading hands at $7.79. As shown in the chart above, Pentoshi’s move towards its target of $12.45 suggests an upside potential of around 60% for the top oracle network.
As for Bitcoin (BTC), Pentosi said that after months of trading in a tight range, the cryptocurrency king is gearing up for wild price volatility.
Looking at BTCs dominance and BTC itself, all suggest they are about to make a pretty strong move.
Everything is lined up at the moment. After a month of basically nothing but yelling at each other for moves over 2%, it’s time for some more volatility.
As for the direction of the big move, Pentosi believes that Bitcoin is likely to go to the upside.
In my opinion, these are signs of a short-term bottoming out that is at least locally forming. I want to be that level of buyer.If there’s one great place that’s wrong for me, it’s here.”
According to Pentosi’s chart, Bitcoin is trading above the weekly support level, forming a potential double-bottom pattern. This is a technical analysis formation that suggests a reversal of BTC’s downtrend.
At the time of writing, Bitcoin is trading at $20,246, up 3% for the day.
Don’t miss a beat subscribe to get encrypted email alerts delivered straight to your inbox
Price action confirmation
Please follow us twitter, Facebook When telegram
Surf The Daily Hodl Mix
 
Featured Image: Shutterstock/Mia Stendal
Generated image: DALLE-2
